Playtech Revenue Soars 104% To €75.1 Million In Q1 2012

Playtech has just announced its financial figures for Q1 2012, revealing a 104% growth in revenue to €75.1 million from €36.7 million a year earlier. Gross income was also up in the first quarter by an impressive 90% to €88.4m from €46.6m in 2011.
The Israeli-based gaming software development company performed strong across all its offerings with the exception of poker, which recorded a 6% fall in revenues to €5.3 million, from €5.7 million in Q1 2011.
Meanwhile, Casino revenues was up 35% to €34.5 million (Q1 2011: €25.4 million) Bingo revenues was up 26% to €4.4 million (Q1 2011: €3.5 million); Videobet up 171% to €2.4 million (Q1 2011: €0.9 million) and William Hill Online up 34% to €13.3 million (Q1 2011: €9.9 million).
Commenting on Playtech’simpressive results, the company’s chief executive
Mor Weizer, said:
“Playtech has made an excellent start to 2012. Year-on-year growth across all our products has been strong, with the exception of poker. Although we anticipate a seasonal slowdown during the traditionally weaker summer months, I believe that the Company is well positioned to maintain the momentum into the rest of the year.”
Playtech further announced it was seeking full listing on the London Stock Exchange, while also dropping its acquisition plan to spend around €95 million purchasing unnamed assets from the company’s biggest shareholder Teddy Sagi. The Israeli billionaire owns 48% of Playtech’s shares who now will instead enter into a software licence agreement for those assets. A company statement explained:
“However, the complexity around the process and timing with respect to the Company’s move to the Main Market has influenced this decision.”
Since the Q1 financials were released, Playtech shares have risen 6.13% (or 22.75p) in early trading to 393.75.